India, May 22 -- Following the steep drop seen in the previous session, treasuries regained ground over the course of the trading day on Thursday.
Bond prices initially extended yesterday's slump but rebounded as the day progressed to close firmly in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 4.3 basis points to 4.553 percent.
The turnaround on the day likely reflected bargain hunting after the ten-year yield reached a three-month intraday high of 4.629 percent in early trading.
Treasuries moved sharply lower on Wednesday amid concerns about the fiscal impact of a Republican tax cut bill and a disappointing twenty-year bond auction.
The tax cut bill passed the GOP-...